Employee Pension Plans

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Employee Pension Plans

Employee Pension PlansThe Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans.

The following table sets forth a summary of the net periodic benefit cost for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(in thousands)	2021		2020
Interest cost	$	582	$	758
Service cost	236		231
Expected return on plan assets	(1,015)		(1,006)
Recognized net actuarial losses	683		592
Net periodic benefit cost	$	486	$	575

The Company contributed $1.0 million and $1.3 million to its defined benefit pension plan during the three-month periods ended March 31, 2021 and 2020, respectively. Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company is not required to contribute additional amounts to the defined benefit pension plan for the remainder of 2021.